How Are Infrastructure and Economic Growth Related?

A strategic economic development plan is a must for economic growth, but how do factors like infrastructure come into play? Here’s a fast and easy briefing on infrastructure and economic growth, plus how the two go hand in hand!

What Is Infrastructure?

Infrastructure is defined as the physical structures and systems of a business, nation, or region that typically allows access to public goods and services. Infrastructure looks like roads, subways, airports, bridges, trains, railways, and similar structures. The goal is to serve your community and city by allowing it to properly function.

What Is Economic Growth?

Economic growth relates to the increased production of goods, services, and structures. This growth aims to increase and improve in an inflation-adjusted market, allowing citizens to thrive.

Factors that increase and contribute to economic growth include but are not limited to capital goods, labor force, and technologies. Ideally, the growth should be sustainable, which is done by spreading this growth and its rewards fairly to multiple groups and communities.

How Are the Two Related?

As mentioned previously, infrastructure allows movement. It is essential for economic growth. By incorporating infrastructure to an economic development plan, economic growth can be seen sooner and will be more sustainable.

Additionally, infrastructure can contribute to an economy and thus the community by increasing the mobility of workers and products, increase competitiveness in the market, reducing the overall cost of delivered goods, and even removing constraints of productivity.

All of these factors are a huge perk for concerns like economic growth and development, especially within small communities. It can also help to benefit important things like internet availability, job security, expanded road networks for easier, safer travel, improved electrical quality, and so much more.

Learn More About Infrastructure and Economic Growth in South Miami-Dade With Our Ample Resources!

Whether you’re new to subjects like infrastructure and economic growth or you’ve been keeping up with the latest information, the Economic Development Council of South Miami-Dade is here to help with our continuous education and easily accessible resources. Contact us today to learn more about important issues and find out how you can join our newsletter!

Why Infrastructure Matters to the Economy in South Miami-Dade

Discussing matters such as infrastructure and the economy can be confusing to the average consumer, but it’s important that you understand the link between the two. Here’s what you need to know about the impacts of infrastructure on the economy in South Miami-Dade and why you should care.

How Does Infrastructure Affect the Economy in South Miami-Dade?

Infrastructure is, essentially, the backbone of society. Infrastructure is the fundamental facilities and systems that support sustainable functionality of businesses, households, and more. Roads, water supply, telecommunication, electrical grids, and more are part of infrastructure.

Investing in infrastructure is crucial for society to not only survive, but thrive and even flourish. This investment is just as important for the economy in South Miami-Dade, stimulating the economy and, more or less, paying for itself.

Stimulation of the economy is equally as crucial, prompting necessary production and allocation of both goods and services to the population of South Miami-Dade, creating fulfilled needs and lives in general.

What Does This Mean for You?

Why should infrastructure matter to you? A solid infrastructure in conjunction with a booming economy is necessary for a safe, functional society, opening up resources, sustainable living, and so much more for everyone.

Getting involved in your local infrastructure, be it investing or volunteering, makes your community even better. Who doesn’t want that? But, how can the average consumer get involved? It’s as simple as being active and involved in your community.

Infrastructure efforts are not in vain. With such rapid changes in our society, economy, and cities, opportunities for infrastructure improvements and developments are growing just as rapidly, offering a chance for safer roads, cleaner water and energy, improved telecommunication, and more.

Whether it’s that annoying pothole in the road or clean energy, involvement and investment in infrastructure matters now more than ever.

Looking for Further Information? Call the EDC of South Miami-Dade!

The Economic Development Council of South Miami-Dade is committed to not only improving quality of life, but advancing it as well. This means advocating for mandatory infrastructure improvements for a thriving economy. If you have any questions or you wish to get involved, contact us at 305-378-9470.